Transport tech firm snaps up wiring specialist
Aurrigo International, an international provider of autonomous technology has revealed its acquisition of a Leicestershire wiring firm.
The deal worth £250k, sees GB Wiring Systems’ staff become employees of Aurrigo, including directors of the firm who will remain with the business to help complete a smooth transition.
GB Wiring will continue to operate from its existing premises on Hinckley Business Park. The firm reported a turnover of £665k last year, profit before tax of £74k and had net assets of £100k.
Coventry-based Aurrigo says the acquisition improves its supply chain logistics for key automotive products, as well as enhancing its design and manufacturing competencies for its autonomous and aviation technology divisions.
Graham Keene, director of corporate development, Aurrigo, said: “This Acquisition brings us enhanced capabilities and capacity in our core Automotive area of wiring harnesses and electrical components. In addition, we will continue to leverage these capabilities which we have used so successfully in developing our Autonomous and Aviation divisions.
“Given our successful track record of acquiring businesses, we are confident of smoothly integrating GB Wiring to ensure continuity of service for its established customer base and are delighted to be welcoming GB Wiring’s skilled team into the Group.”
Mark Robson and Mike Francks, directors of GB Wiring, said: “Aurrigo is a long-established leader in automotive electronics and we are pleased to be joining the team. We are confident that our capabilities and expertise can enhance Aurrigo’s existing offering and will ensure that there is a smooth transition for both our staff and our customers”.